NEW YORK (MainStreet) Many believe that cannabis should be legalized in the U.S. Recently, our country has reached historic milestones, including on September 10 when the Judiciary Committee assembled for its first-ever hearing regarding the legalization of marijuana.
Citizens across the country believe that for the government even to consider legalization is a huge step in the right direction that may foretell certain particular economic boons.
Economists, reformists and the government have estimated the medical marijuana and cannabis market to be between $10 billion and $120 billion a year. If legalization were to occur, those numbers would sky rocket, pushing the tobacco market and other substitute products way down.
Currently, 20 states allow use under the act of legal medical marijuana, but only a select few have legalized marijuana for recreational use. Colorado recently legalized marijuana for non-medical use as did Washington, yet there are laws restricting of how much one can carry and grow. Many agree that a domino effect could occur, triggering other states to follow in their foot steps.
A huge benefit for the government to the legalization of marijuana would be taxation. Cutting down the Drug Enforcement Agency's (DEA) interference could also save billions of dollars for the government and reduce drug trafficking and violence.
Cannabis Science, Inc. (CBIS)- Cannabis Science is located in Colorado Springs where they develop, produce and commercialize phytocannabinoid-based pharmaceuticals. The company have a large presence within the California medical marijuana market. Cannabis Science has a large market cap of $32 million with 710.40 million shares outstanding.